i am about to be declared bankrupt

[a.b]

i amabout to be declared bankrupt, i have debts of around £60k and have no assets whatsoever with around £50 spare income per month excluding overtime.. will they take much from me, and should i stop working overtime?

[scaredkez]

if once the OR has gone through your i+e and you still have only £50 surplus at the end of it, then i doubt very much that the OR will set an IPA, it will all be down to the OR in what he allows you in your expenditure, if he does rule an ipa this will be payable for 3 yrs depending if your circumstances change.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[Adam Davies]

Hi
You need to have a minimum of a £100 disposible income before an IPA kicks in.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[BrassicLintus]

Hi a.b - I've had a lot of stress regarding IPA's and overtime!!!! I went BR in August and had to submit 3 months payslips to the OR. During July I had worked some overtime (to cover people on summer leave) and the OR took this into consideration when calculating my surplus income. He came up with a calculation of a surplus of about £531 which meant paying and IPA of about £360!!! I did point out that if I had that surplus every month I'd be in an IVA not BR!!!! I explained my overtime isn't regular or guaranteed so I submitted the entire years payslips which showed that July was an exceptional month as all the rest were basic pay. Even then he came up with an IPA of £160 a month (even though my surplus is only £60!). I eventually sought the help of Melanie and her team who contacted the OR on my behalf and explained that I hadn't worked any overtime since my BR, so the OR agreed that as long as I submit my next few months payslips showing my basic pay then I wouldn't be subject to an IPA. It wasn't that I minded paying an IPA - I just couldn't pay what I didn't have!!! So if your payslips show your overtime then the OR will calculate your surplus and IPA payments based on this. If you then stop working overtime you'll need to contact your OR to amend any IPA agreement. Good luck with your BR.